Banks Ease Loan Standards as Consumers Cut Debt . |
| Wall Street Journal - Nov 8, 2010 |
U.S. banks continued to make it easier for companies and some consumers to borrow in the third quarter amid tougher competition among lenders and an improved economic outlook, the Federal Reserve said Monday.
Separately, households continued to reduce their debt levels into the autumn months, the Federal Reserve Bank of New York said Monday, continuing with a downward trend seen in the prior seven quarters. The pace, however, of the debt decline has slowed recently, the New York Fed said in a quarterly report that offers a general overview of the challenging financial conditions faced by the average American.
In a sign of continued weakness in the economy, however, the Fed's Senior Loan Officer Survey showed that demand for credit fell in July through September, especially for small firms. What's more, many banks said they don't expect still-tight lending conditions to come back to their long-run average for the "foreseeable future."
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- Posted: 2010-11-08 14:12:23
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